Toll Brothers expands "City Living"

Toll Brothers, a Pennsylvania-based builder best known for constructing suburban houses, announced Oct. 14 that it would expand its City Living operations in New York City and Hoboken and Jersey City, New Jersey. The urban market in the New York area “has outperformed nearly all our other territories across the US,” said Rich Hartman, regional president for metro New York.

The company said it has purchased a property at Lexington Avenue and East 65th Street on Manhattan’s Upper East side. On that site, it will erect a 15-story building containing about 25 luxury residences. Sales will start in the summer of 2011. Toll Brothers also is taking advantage of the difficult national real estate economy by acquiring what it describes as “a wider variety of distressed real estate assets.”